Riyadh, Saudi Arabia: Saudi Customs and the Saudi Arabian Basic Industries Corporation (SABIC) signed a memorandum of understanding (MOU), on Monday, 29th of October to transform an area at SABIC's site in Al Jubail Commercial Port into a Bonded and Re-export Zone, during the Logistics Portal Executive Committee meeting.

According to this agreement, SABIC Services Supply Company, will provide all the requirements for bonded zones as per the rules and regulations stated within the GCC Common Customs Law.

The agreement was signed in the presence of each of H.E. Dr. Nabil Al-Amoudi, Minister of Transport, and H.E. Mr. Ahmed Alhakbani, Governor of Saudi Customs, and Dr. Abdulaziz Saleh Aljarbou, SABIC Chairman, and Mr. Yousef bin Abdullah Albinyan, Vice Chairman and CEO of SABIC, Eng. Abdulrahman Al-Fageeh, Executive Vice President, Petrochemicals, SABIC, H.E. Eng. Saad Alkhalb, Saudi Ports Authority "MAWANI”, and H.E. Dr. Dr. Rumaih Mohammed Al-Rumaih, President of the Saudi Transport Authority.

Mr. Faisal Albedah, Saudi Customs Acting Deputy Governor for Trade Facilitation and Eng. Fayez Almalki, Vice President for Global Supply Chain at SABIC, signed the agreement at the Ministry of Transport headquarters in Riyadh.

Commenting on the Agreement, H.E. Mr. Ahmed Alhakbani, Governor of Saudi Customs praised the efforts of SABIC and outlined the benefits of transforming this area at Al Jubail commercial port into a Bonded and Re-export Zone which aims to facilitate trade exchange and enhance customs procedures. He clarified that this agreement comes in line with Saudi Customs' initiative to allow local exporters to use these bonded zones as bonded warehouses.

On this occasion, Dr. Abdulaziz Saleh Aljarbou, SABIC Chairman valued Saudi Customs’ efforts in concluding this agreement, stating that it presents a giant leap in the import and export activities and the customs clearance procedures which will have a direct positive economic effect, and helps in achieving the goals of Vision 2030.

Dr. Abdulaziz Saleh Aljarbou expressed his appreciation for giving SABIC this privilege, a step that will further enhance SABIC's brand value and will boost its trade exchange, raises the efficiency of transportation, and improves the quality of services delivered to SABIC's global client base.

It is worth mentioning that this area is currently used by SABIC and 7 of its subsidiaries for exporting their products globally.

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